Homeowners 'choose to improve'

A growing number of people in Britain are choosing to make improvements on their homes rather than move in a bid to avoid the credit crunch, it has been reported.

According to insurance company LV= General Insurance, nearly one million homes will be revamped within the next year as people tighten their purse strings and attempt to increase the value of their property for the future.

Their research found that 14% admit to improving their home because moving at the current time just isn't affordable.

Some 5.6 million people said they were planning to improve their floors, while 4.7 million wanted to refit their bathroom.

Improvements were not limited to inside the property either, with 4.1 million aiming to landscape the garden soon.

Emma Holyer, Spokesperson for LV= General Insurance said people are making the most of the benefits they can achieve, despite a challenging housing market and a lack of cheap mortgages.

"Many homeowners told us they were spending this money so they could profit more on their homes when they do come to sell them after the market has stabilised. This shows that although people are concerned about the short-term housing market there does appear to be optimism in the long-term," she commented.

With bills rising, many advisory boards are encouraging homeowners to install energy-saving measures such as double-glazing and better insulation.